Equilibrium and Utility: Two Different Realms
Continuing with Beinhocker’s Origin of Wealth, it is important to distinguish carefully between some of the ideas that Beinhocker is expounding. While overall, he is doing a good job of bringing in many related thoughts and ideas, there is a slight tendency towards “mushing.” In that note, I’d like to suggest that we discern carefully between ideas involving utility (Origins, hardcover; pp. 34 & 37), and equilibrium. On pg. 34, Beinhocker begins a discussion of how utility is an underlying…